Microeconomics and Macroeconomics: Importance, Features, Difference

Microeconomics and Macroeconomics

What is Microeconomics? Microeconomics is the study of the economic actions of individuals and small groups of individuals. Thus microeconomics may be defined as that branch of economic analysis that studies the economic behaviour of the individual unit a person, a household or a firm. Definition of Microeconomics When economic problems or economic issues are